Positioning political buying, disclosed 2026-09-25
Options put/call open interest 0.18, read 2026-11-07
Ethical does not pass the values gate
Price122.38 USD
Fair value101.78
Ethical score10.0/100
Value readOvervaluedas of 6 Nov 2026
Our investment reviews on this name
2026-11-03Read Markup119.52+2.4% to today ✓Accumulation gives way to Markup after an 11% rise in 2 weeks
2026-10-20Read Accumulation107.39+14.0% to today ✓Markdown gives way to Accumulation
2026-10-18Read Markdown107.39+14.0% to today Accumulation gives way to Markdown first Markdown read since October
2026-10-11Read Accumulation107.01+14.4% to today ✓Markdown gives way to Accumulation after a 6% slide in 5 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
PPG Industries holds its Markup at $122.38. The statistical read favours the sellers, held for 5 days.
As held on the ledger · 2026-11-06
Phase
Markup
Quantitative state
The statistical read favours the sellers, held for 5 days
Price at the screen
$122.38
Valuation
16.79 trailing · 13.82 forward price to earnings
Values screen
FAIL· score 10.0
Beta
1.05
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
35.73%
Below 33%
Interest-bearing debt is 35.7% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
0.36%
Below 33%
Cash held in interest-bearing accounts and securities is 0.4% of assets, under the one-third limit.
Pass
Receivables
22.38%
Below 49%
Money owed to the company is 22.4% of assets, under the 49% limit.
Pass
Revenue purity
0.96%
Below 5%
Only 1.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
PPG Industries's business is in a permissible area, but its interest-bearing debt is about 36% of the company, just over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-11-08. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when PPG's ethical verdict changes
Today PPG does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads Overvalued vs our fair value, as of 6 Nov 2026: it trades above our $101.78 fair value estimate, narrow competitive moat, 6.60% revenue growth.
Fair value range in USD, drawn from the 2026-11-06 screen. The gold marker is the market price at the same screen. The price runs 20.2% above the base estimate.
Third-party analyst targets: 22 covering, consensus Buy. The average target sits +7% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Where our models see it going: fair-value estimate $101.78, with a range of $101.78 to $117.05, dated to the 2026-11-06 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Paint maker looks cheap but fails us
Every time a builder slaps another coat on a skyscraper or a car rolls off the line, the cycle of demand for specialty chemicals rises and falls with the economy. PPG sits in that rhythm, yet we pass because the shares trade 15% above our fair value and the ethical screen flags excessive debt.
Revenue is growing at 7% with 10% margins and a solid 21% return on equity, but the forward multiple of 13.6 times still fails to compensate for a narrow moat and the fact that peak-cycle earnings often flatter these numbers. Analysts may like the name and see 127 dollars ahead, yet the gap between price and value tells us to stay clear.
The real warning is the cyclical value trap: low multiples at the top of the cycle are rarely bargains, and the debt ratio breach adds another layer of risk that no recovery story fixes. Analysis, not advice.
Another profit measure, before interest, tax and non-cash costs: EBITDA.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
PPG trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-11-03Markup · changed$119.52+11.3%Entry 17
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 11.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $130.
2026-10-27Accumulation$107.39+0.0%Entry 16
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $126. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-26Accumulation$107.39+0.0%Entry 15
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading bullish. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $126. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Accumulation$107.39+0.0%Entry 14
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $126. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-24Accumulation$107.39+0.0%Entry 13
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $126. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-23Accumulation$107.39+0.0%Entry 12
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $126. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-22Accumulation$107.39+0.0%Entry 11
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $126. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-21Accumulation$107.39+0.0%Entry 10
The analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $126. It reported earnings in this window, a natural checkpoint for the thesis.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $126. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-18Markdown · changed$107.39+0.4%Entry 8
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 1%. Our forward projection puts the odds of a 10% gain over the next month near 13%. The street (22 analysts) rates it buy, with a mean price target of $126.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
